Retirement Plan Fiduciary Services

Disciplined solutions for your serious money

Prepared for

ABC Corporation January 22, 2010

Areté Investment Consulting
Pursuit of the highest excellence
Who we are • Formed in 2009
Brian A. Roberts, CFA
• Investment Consulting Services
• President
Retirement Plans • 23 years of experience
Individual Investors • $20+ billion

• Product Neutral • American Funds®
• Investment Fiduciary Retirement pricing models
Retirement portfolios

Why Areté? • Improve Account Performance • Davidson College

• Remove Unnecessary Costs Honors in Economics

• Manage Unwanted Risks

1 Disciplined solutions for your serious money

Retirement Plan Services
Independent and objective
Investment Monitoring Cost Benchmarking
Areté serves as a co-fiduciary by working alongside plan Areté provides cost benchmarking services to uncover
sponsors to develop and implement the investment criteria unnecessary plan expenses. When a plan is over-compensating
used to select and monitor its investment choices. Quarterly its providers, Areté assists plan sponsors with recovering these
performance reporting is provided to monitor a plan's expenses. "Excess revenues" are redirected to defray other plan-
investment lineup. Investment manager searches are related expenses. In some instances "excess revenues" may be
conducted when investment options fail to meet the returned to participant accounts to reduce plan investment
minimum quality standards established by a plan. expenses.

Participant Advice Provider Searches
When participants want more than investment education, When a plan outgrows or wants to replace its current provider,
Areté offers an optional fee-based investment advice service Areté assists plan sponsors by conducting provider searches.
that provides participants with specific investment recommen- The search process begins with an assessment of plan needs and
dations. The service includes wealth forcasting studies, asset then continues with a request for proposals. Areté summarizes
allocation studies, investment manager searches for non-plan provider responses to facilitate comparisons. Finalists are
assets and annual performance reviews. Areté serves as a invited to present their proposal to an organization’s decision-
fiduciary to plan participants who choose this service. making group.


Investment Monitoring
High quality, defensible choices


Manager Searches
Rigorous and disciplined


Quarterly Reports
olor-coding fund reviews


Cost Benchmarking
Uncovering unnecessary expenses
How much are they
Who is the plan What are they being receiving for Is the amount
paying? paid to do? their services? (1) reasonable ?
• Investment selection

1 Investment Advisor
or Broker
and monitoring

• Participant education
• x.xx% of assets
• $ xx,xxx
Yes or No

• Participant Services
(800#, internet access, etc.) • x.xx% of assets
2 Recordkeeper and
Plan Administrator • Plan sponsor services • $ xx,xxx
Yes or No

(compliance and legal services)

• x.xx% of assets
3 Investment
Manager
• Investment Management
• $ xx,xxx
Yes or No

(1) Amounts should include both direct and indirect compensation.


ABC Corporation Retirement Plan
Plan Revenue and Payments Analysis
Fund Expenses Plan Revenue Sources Plan Paid Expenses Arete's Fees
Fund Plan Record- Advisor Advisor
Expense Total Annual Total Plan Revenue keeping Payment Advisor Payment
Plan Investments Assets as of Ratio Cost Receipts Credits 12b-1 fees Revenue Ratio Revenue Ratio Advisor Revenue
MFS Value A $ 584,307 1.00% $5,843 $ 2,337 0.15% 0.25% $876 0.25% $ 1,461 0.16% $ 935
Davis NY Venture A $ 55,360 0.85% $471 $ 304 0.30% 0.25% $166 0.25% $ 138 0.16% $ 89
Maxim S&P 500 Indes $ 591,378 0.60% $3,548 $ 2,070 0.35% 0.00% $2,070 0.25% $ 1,478 0.16% $ 946
Growth Fund of America R3 $ 1,553,449 0.94% $14,602 $ 10,097 0.15% 0.50% $2,330 0.25% $ 3,884 0.16% $ 2,486
Perkins Mid Cap Value S $ 247,463 1.34% $3,316 $ 1,237 0.50% 0.00% $1,237 0.25% $ 619 0.16% $ 396
First Eagle Overseas A $ 182,073 1.15% $2,094 $ 546 0.05% 0.25% $91 0.25% $ 455 0.16% $ 291
Columbia Small Cap Value A $ 21,607 1.30% $281 $ 108 0.25% 0.25% $54 0.25% $ 54 0.16% $ 35
Maxim Index 600 Portfolio $ 389,738 0.60% $2,338 $ 1,364 0.35% 0.00% $1,364 0.25% $ 974 0.16% $ 624
Alger Small Cap Growth Instl $ 92,965 1.27% $1,181 $ 465 0.50% 0.00% $465 0.25% $ 232 0.16% $ 149
Oppenheimer Developing Mkts Y $ 406,521 0.95% $3,862 $ 1,016 0.25% 0.00% $1,016 0.25% $ 1,016 0.16% $ 650
American Funds Europacific R3 $ 1,380,657 1.11% $15,325 $ 8,974 0.15% 0.50% $2,071 0.25% $ 3,452 0.16% $ 2,209
Columbia Real Estate Equity Z $ 60,178 1.04% $626 $ 150 0.25% 0.00% $150 0.25% $ 150 0.16% $ 96
T Rowe Price Retirement 2010 Adv $ 377,237 0.83% $3,131 $ 1,509 0.40% 0.00% $1,509 0.25% $ 943 0.16% $ 604
T Rowe Price Retirement 2020 Adv $ 712,920 0.98% $6,987 $ 2,852 0.40% 0.00% $2,852 0.25% $ 1,782 0.16% $ 1,141
T Rowe Price Retirement 2030 Adv $ 164,719 1.03% $1,697 $ 659 0.40% 0.00% $659 0.25% $ 412 0.16% $ 264
T Rowe Price Retirement 2040 Adv $ 178,827 1.04% $1,860 $ 715 0.40% 0.00% $715 0.25% $ 447 0.16% $ 286
T Rowe Price Retirement 2050 Adv $ 450,914 1.04% $4,690 $ 1,804 0.40% 0.00% $1,804 0.25% $ 1,127 0.16% $ 721
PIMCO Mortgage Back Sec Adm $ 1,362,016 0.75% $10,215 $ 3,405 0.25% 0.00% $3,405 0.25% $ 3,405 0.16% $ 2,179
PIMCO Total Return Adm $ 49,890 0.71% $354 $ 125 0.25% 0.00% $125 0.25% $ 125 0.16% $ 80
Key Guaranteed Portfolio $ 2,269,325 0.84% $19,062 $ 19,062 0.84% 0.00% $19,062 0.25% $ 5,673 0.16% $ 3,631
Totals $ 11,131,544 $ 101,482 $ 58,801 $ 30,972 $ 27,829 $ 17,810

- Wtd. Avg. Expense 0.91% Expected Costs $ 14,950 $ 17,810

Expected Cost Savings $ 16,022 $ 10,018

Total Expected Cost Savings 0.23% $ 26,041

Recordkeeping and Administration Costs
# of Plan Participants 130

Recordkeeping/Admin. Cost Ranges Actual Recordkeeping/Admin. Costs Arete Fee Schedule

Costs Est. Annual Costs Est. Annual Dollar Blended
Areas of Costs (High) Cost (High) (Low) Cost (Low) Fee Type Amount Rate Plan Size
Recordkeeping $ 80 $ 10,400 $ 65 $ 8,450 Plan Recordkeeping Revenue $ 30,972 0.25% $ 1,000,000
Plan Administration $ 20 $ 2,600 $ 10 $ 1,300 Billed Recordkeeping Fees $ - 0.25% $ 5,000,000
Relationship Management $ 30 $ 3,900 $ 5 $ 650 Billed Plan Administration Fees $ - 0.18% $ 10,000,000
Sales Support $ 15 $ 1,950 $ 5 $ 650 Billed - Other Fees $ - 0.15% $ 15,000,000
Total Costs $ 145 $ 18,850 $ 85 $ 11,050 Total Costs $ 30,972 0.14% $ 20,000,000

7 Expected Costs (Avg) $ 14,950 Custom $ >25,000,000

Cost Allocation Methods
for participant investment education
Pre-Pension Protection Act Post-Pension Protection Act

[ ] [ ]
Charge Everyone Charge
• Regardless of use
(Disproportionate cost sharing) No One
Charge No One • Default Assets to a QDIA (1) (2)

• Offer limited support • Provide optional investment
(Potential liabilities under ERISA) advice for participants (3)

(1) The Pension Protection Act of 2006 created 404(c) protection under ERISA for plan sponsors when participant accounts are defaulted to a Qualified Default
Investment Alternative (QDIA).
(2) Requires a minimum of 30 days advance notice and an opt out provision for participants.
(3) The Pension Protection Act of 2006 created a new category of plan service provider, a “fiduciary adviser,” that exempts providing investment advice to plan
participants from ERISA’s prohibited transaction provisions provided the compensation received does not vary based on an advisor's recommendations.


Adantages/Benefits
to restructuring cost allocation

Lower Investment Expenses
Reduced Fiduciary Liability
"Better" Long-Term Investment Decsions
Advice, Not Education
Less Work


Participant Advice
...more than investment education

Wealth Forecasting Studies

Asset Allocation Studies

Investment Manager Searches (for non-plan assets)

Account Monitoring and Rebalancing

Annual Portfolio Reviews


Ibbotson Wealth Forecasting Engine™
Projects the impact of different saving, spending and asset allocation decisions

$10 mil

1 mil

100k

• 50% confidence level

10k
65 Years old 70 75 80 85 90 95 100

IMPORTANT: This is a visual interpretation of confidence intervals resulting from a hypothetical Monte Carlo simulation and does not reflect
actual investment results, and is not a guarantee of future results. Results may vary over time and with each simulation.

11

Asset-Class Winners and Losers
Uncertain returns underscore the case for diversification
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Highest 8.1% 37.6 23.0 33.4 28.6 29.8 21.5 22.8 17.8 60.7 20.7 14.0 26.9 11.6 25.9
return

3.9 34.5 17.6 22.8 20.3 27.3 5.9 3.8 1.6 39.2 18.4 7.8 16.2 9.9 1.6

3.1 31.7 6.4 15.9 13.1 21.0 –3.6 3.7 –13.3 28.7 10.9 5.7 15.8 5.5 –36.7

1.3 11.6 5.2 5.3 4.9 4.7 –9.1 –11.9 –15.7 1.4 8.5 4.9 4.8 4.7 –37.0

–7.8 5.6 –0.9 2.1 –7.3 –9.0 –14.0 –21.2 –22.1 1.0 1.2 3.0 1.2 –5.2 –43.1

Lowest
return

• Small stocks • Large stocks • International stocks • Long-term government bonds • Treasury bills

Past performance is no guarantee of future results. This is for illustrative purposes only and not indicative of any investment. An investment cannot
be made directly in an index. © 2009 Morningstar, Inc. All rights reserved. 3/1/2009

12

Reduction of Risk Over Time
1926–2008
Small stocks Large stocks Government bonds Treasury bills
150%

120

90

60

Compound
30 annual return:
11.7%
9.6%
5.7% 3.7%

0

–30

–60 1-year 5-year 20-year 1-year 5-year 20-year 1-year 5-year 20-year 1-year 5-year 20-year
Holding period

Past performance is no guarantee of future results. Each bar shows the range of compound annual returns for each asset class over the period
1926–2008. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2009
Morningstar, Inc. All rights reserved. 3/1/2009

13

Maximize the Risk versus Return Tradeoff
1970–2008

12% Return

Maximum risk portfolio:
100% Stocks

80% Stocks, 20% Bonds

11

Minimum risk portfolio:

10

100% Bonds

9
10% Risk 11 12 13 14 15 16 17 18 19

Past performance is no guarantee of future results. Risk and return are measured by standard deviation and arithmetic mean, respectively. This is
for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2009 Morningstar, Inc. All rights
reserved. 3/1/2009

14

More Funds Do Not Always Mean Greater Diversification
Duplication is NOT Diversification
Equity portfolio A Equity portfolio B

Deep-value Core-value Core Core-growth High-growth Deep-value Core-value Core Core-growth High-growth
Giant

Giant
Large

Large
Mid

Mid
Small

Small
Micro

Micro

Past performance is no guarantee of future results. This is for illustrative purposes only and not indicative of any investment. An investment cannot
be made directly in an index. © 2009 Morningstar, Inc. All rights reserved. 3/1/2009

15

Retirement Plan Fees
Clearly defined and product neutral
Investment Monitoring Participant Advice (optional)
• First $5,000,000 in plan assets 0.25% • First $2,000,000 of personal asset 0.25%
• Next $20,000,000 in plan assets 0.10% • Over $2,000,000 of personal asset 0.15%
(Custom quotes for plans greater than $25,000,000) (Minimum annual fees per user)

Services include: Services include:
• Development of an Investment Policy Statement (IPS) • Wealth Forecasting Studies (WFS)
• Quarterly Performance Reporting (QPR) • Asset Allocation Studies (AAS)
• Investment Manager Searches (IMS) • Investment Manager Searches for non-plan assets (IMS)
• Cost and Revenue Discussions with current vendors • Investment Monitoring for non-plan assets
• Two days of on-site educational meetings per year • Account Monitoring and Rebalancing
• Annual Portfolio Reviews
Additional Services:
• Extra days of on-site educational meetings
• Investment Education Webinars (IEW) Provider Searches (optional)

• Based on the number of providers included
Cost Benchmarking Studies (optional) the search.

• Based on the number of provider responses
included in the study.


Impact of Fees over Time
$6,000,000

Account Assumptions

Current Account $5,000,000
Value $ 11,131,544

Additional Annual
$4,000,000
Investments $ 500,000

Investment Return
before Fees 9% $3,000,000

Competitor's Fees
as a % of Assets 0.91%
$2,000,000
Arete's Fees
as a % of Assets 0.68%

$1,000,000

$-
5 10 15 20 25
Ending Value Difference $196,875 $623,970 $1,457,854 $2,992,014 $5,708,635

Illustration only. Actual fees may vary. Number of Years
Return assumption is only hypothetical.
17

Sample Investment Fee Analysis
(Plan Participant Advice Fees)
ABC Brokerage Firm Arete Investment Consulting
Investment Expenses Investment Expenses
Fund Total Total Total Total Fund
Advisory Expense Investment Annual Annual Investment Expense Advisory
Mutual Funds Assets Fee Ratio Fees Cost Cost Fees Ratio Fee Assets Mutual Funds
T Rowe Price Small $ 100,000 1.50% 1.09% 2.59% $2,590 $1,170 1.17% 0.92% 0.25% $ 100,000 T Rowe Price Small
Value Adv Value

Europacific Growth $ 100,000 1.50% 0.84% 2.34% $2,340 $880 0.88% 0.63% 0.25% $ 100,000 Europacific Growth
Fund F1 Fund F2

Growth Fund of $ 100,000 1.50% 0.69% 2.19% $2,190 $710 0.71% 0.46% 0.25% $ 100,000 Growth Fund of
America F1 America F2

Washington Mutual $ 100,000 1.50% 0.67% 2.17% $2,170 $690 0.69% 0.44% 0.25% $ 100,000 Washington Mutual
Investors F1 Investors F2

PIMCO Total Return $ 100,000 1.50% 0.71% 2.21% $2,210 $710 0.71% 0.46% 0.25% $ 100,000 PIMCO Total Return
A Instl
Totals $ 500,000 $11,500 $ 4,160 $ 500,000 Totals
2.30% 0.83%

Impact of Fees over Time
$2,000,000
$1,800,000
Assumptions $1,600,000
$1,400,000
Account Value $ 500,000
$1,200,000
Additional Annual
Investments $ 50,000 $1,000,000
$800,000
Investment Return
before Fees 9% $600,000
Competitor's Fees $400,000
as a % of Assets 2.30% $200,000
Arete's Fees $-
as a % of Assets 0.83% 5 10 15 20 25
Ending Value Difference $62,366 $203,345 $479,364 $981,122 $1,852,798
Illustration only. Actual fees may vary.
18 Return assumption is only hypothetical. Number of Years

The Areté Team
Katharine • Boston University, MS Mass Communication
• Johns Hopkins University, MS Business
S.L. Merrill Marketing professional with expertise in strategy, market planning, product
development and product management for such companies as VeriSign Inc,
LifeMinders, Inc., and the National Journal Group

Elizabeth • Randolph- Macon College, BA Economics and Business Administration
• Old Dominion University, MBA
Roberts Liaison between Financial Advisory community and American Funds Group;
Worked with advisors to select investments to best suit client needs

A. Williamson • Hampden-Sydney College, BA History

Beasley, Jr. Product specialist identifying client needs, matching with appropriate solutions for
companies such as Golfdom and GVA Advantis Commercial Real Estate Services


Ending Account Values Ending Account Values Retirement Plan Data
based on based on
Competitor's Fees Arete's Fees
Annual Net Return Beginning Annual Net Return
Year Beginning Value Investments (After fees) Ending Value Value Investments (After fees) Ending Value
1 $ 11,131,544 $ 500,000 $ 940,992 $ 12,572,536 $ 11,131,544 $ 500,000 $ 967,744 $ 12,599,288
2 $ 12,572,536 $ 500,000 $ 1,057,568 $ 14,130,104 $ 12,599,288 $ 500,000 $ 1,089,861 $ 14,189,149
3 $ 14,130,104 $ 500,000 $ 1,183,575 $ 15,813,679 $ 14,189,149 $ 500,000 $ 1,222,137 $ 15,911,286
4 $ 15,813,679 $ 500,000 $ 1,319,777 $ 17,633,456 $ 15,911,286 $ 500,000 $ 1,365,419 $ 17,776,706
5 $ 17,633,456 $ 500,000 $ 1,466,997 $ 19,600,453 $ 17,776,706 $ 500,000 $ 1,520,622 $ 19,797,327
6 $ 19,600,453 $ 500,000 $ 1,626,127 $ 21,726,579 $ 19,797,327 $ 500,000 $ 1,688,738 $ 21,986,065
7 $ 21,726,579 $ 500,000 $ 1,798,130 $ 24,024,710 $ 21,986,065 $ 500,000 $ 1,870,841 $ 24,356,906
8 $ 24,024,710 $ 500,000 $ 1,984,049 $ 26,508,759 $ 24,356,906 $ 500,000 $ 2,068,095 $ 26,925,000
9 $ 26,508,759 $ 500,000 $ 2,185,009 $ 29,193,767 $ 26,925,000 $ 500,000 $ 2,281,760 $ 29,706,760
10 $ 29,193,767 $ 500,000 $ 2,402,226 $ 32,095,993 $ 29,706,760 $ 500,000 $ 2,513,202 $ 32,719,963
11 $ 32,095,993 $ 500,000 $ 2,637,016 $ 35,233,009 $ 32,719,963 $ 500,000 $ 2,763,901 $ 35,983,864
12 $ 35,233,009 $ 500,000 $ 2,890,800 $ 38,623,809 $ 35,983,864 $ 500,000 $ 3,035,457 $ 39,519,321
13 $ 38,623,809 $ 500,000 $ 3,165,116 $ 42,288,925 $ 39,519,321 $ 500,000 $ 3,329,608 $ 43,348,929
14 $ 42,288,925 $ 500,000 $ 3,461,624 $ 46,250,550 $ 43,348,929 $ 500,000 $ 3,648,231 $ 47,497,159
15 $ 46,250,550 $ 500,000 $ 3,782,119 $ 50,532,669 $ 47,497,159 $ 500,000 $ 3,993,364 $ 51,990,523
16 $ 50,532,669 $ 500,000 $ 4,128,543 $ 55,161,212 $ 51,990,523 $ 500,000 $ 4,367,212 $ 56,857,735
17 $ 55,161,212 $ 500,000 $ 4,502,992 $ 60,164,204 $ 56,857,735 $ 500,000 $ 4,772,164 $ 62,129,898
18 $ 60,164,204 $ 500,000 $ 4,907,734 $ 65,571,938 $ 62,129,898 $ 500,000 $ 5,210,808 $ 67,840,706
19 $ 65,571,938 $ 500,000 $ 5,345,220 $ 71,417,158 $ 67,840,706 $ 500,000 $ 5,685,947 $ 74,026,652
20 $ 71,417,158 $ 500,000 $ 5,818,098 $ 77,735,256 $ 74,026,652 $ 500,000 $ 6,200,617 $ 80,727,270
21 $ 77,735,256 $ 500,000 $ 6,329,232 $ 84,564,488 $ 80,727,270 $ 500,000 $ 6,758,109 $ 87,985,379
22 $ 84,564,488 $ 500,000 $ 6,881,717 $ 91,946,205 $ 87,985,379 $ 500,000 $ 7,361,984 $ 95,847,362
23 $ 91,946,205 $ 500,000 $ 7,478,898 $ 99,925,103 $ 95,847,362 $ 500,000 $ 8,016,101 $ 104,363,463
24 $ 99,925,103 $ 500,000 $ 8,124,391 $ 108,549,494 $ 104,363,463 $ 500,000 $ 8,724,640 $ 113,588,103
25 $ 108,549,494 $ 500,000 $ 8,822,104 $ 117,871,598 $ 113,588,103 $ 500,000 $ 9,492,130 $ 123,580,233

Summary Information
Competitors Arete's Ending Ending Value
Year Ending Value Value Difference
5 $ 19,600,453 $ 19,797,327 $ 196,875
10 $ 32,095,993 $ 32,719,963 $ 623,970
15 $ 50,532,669 $ 51,990,523 $ 1,457,854
Illustration only. Actual fees may vary. 20 $ 77,735,256 $ 80,727,270 $ 2,992,014
20 Return assumption is only hypothetical. 25 $ 117,871,598 $ 123,580,233 $ 5,708,635

Ending Account Values Ending Account Values
based on based on
Plan Participant Data
Competitor's Fees Arete's Fees
Annual Net Return Beginning Annual Net Return
Year Beginning Value Investments (After fees) Ending Value Value Investments (After fees) Ending Value
1 $ 500,000 $ 50,000 $ 36,850 $ 586,850 $ 500,000 $ 50,000 $ 44,935 $ 594,935
2 $ 586,850 $ 50,000 $ 42,669 $ 679,519 $ 594,935 $ 50,000 $ 52,691 $ 697,626
3 $ 679,519 $ 50,000 $ 48,878 $ 778,397 $ 697,626 $ 50,000 $ 61,081 $ 808,707
4 $ 778,397 $ 50,000 $ 55,503 $ 883,899 $ 808,707 $ 50,000 $ 70,156 $ 928,864
5 $ 883,899 $ 50,000 $ 62,571 $ 996,471 $ 928,864 $ 50,000 $ 79,973 $ 1,058,837
6 $ 996,471 $ 50,000 $ 70,114 $ 1,116,584 $ 1,058,837 $ 50,000 $ 90,592 $ 1,199,429
7 $ 1,116,584 $ 50,000 $ 78,161 $ 1,244,745 $ 1,199,429 $ 50,000 $ 102,078 $ 1,351,507
8 $ 1,244,745 $ 50,000 $ 86,748 $ 1,381,493 $ 1,351,507 $ 50,000 $ 114,503 $ 1,516,010
9 $ 1,381,493 $ 50,000 $ 95,910 $ 1,527,403 $ 1,516,010 $ 50,000 $ 127,943 $ 1,693,953
10 $ 1,527,403 $ 50,000 $ 105,686 $ 1,683,089 $ 1,693,953 $ 50,000 $ 142,481 $ 1,886,434
11 $ 1,683,089 $ 50,000 $ 116,117 $ 1,849,206 $ 1,886,434 $ 50,000 $ 158,207 $ 2,094,641
12 $ 1,849,206 $ 50,000 $ 127,247 $ 2,026,453 $ 2,094,641 $ 50,000 $ 175,217 $ 2,319,858
13 $ 2,026,453 $ 50,000 $ 139,122 $ 2,215,575 $ 2,319,858 $ 50,000 $ 193,617 $ 2,563,475
14 $ 2,215,575 $ 50,000 $ 151,794 $ 2,417,369 $ 2,563,475 $ 50,000 $ 213,521 $ 2,826,996
15 $ 2,417,369 $ 50,000 $ 165,314 $ 2,632,683 $ 2,826,996 $ 50,000 $ 235,051 $ 3,112,047
16 $ 2,632,683 $ 50,000 $ 179,740 $ 2,862,422 $ 3,112,047 $ 50,000 $ 258,339 $ 3,420,386
17 $ 2,862,422 $ 50,000 $ 195,132 $ 3,107,555 $ 3,420,386 $ 50,000 $ 283,531 $ 3,753,917
18 $ 3,107,555 $ 50,000 $ 211,556 $ 3,369,111 $ 3,753,917 $ 50,000 $ 310,780 $ 4,114,697
19 $ 3,369,111 $ 50,000 $ 229,080 $ 3,648,191 $ 4,114,697 $ 50,000 $ 340,256 $ 4,504,953
20 $ 3,648,191 $ 50,000 $ 247,779 $ 3,945,970 $ 4,504,953 $ 50,000 $ 372,140 $ 4,927,092
21 $ 3,945,970 $ 50,000 $ 267,730 $ 4,263,700 $ 4,927,092 $ 50,000 $ 406,628 $ 5,383,721
22 $ 4,263,700 $ 50,000 $ 289,018 $ 4,602,718 $ 5,383,721 $ 50,000 $ 443,935 $ 5,877,656
23 $ 4,602,718 $ 50,000 $ 311,732 $ 4,964,450 $ 5,877,656 $ 50,000 $ 484,289 $ 6,411,945
24 $ 4,964,450 $ 50,000 $ 335,968 $ 5,350,418 $ 6,411,945 $ 50,000 $ 527,941 $ 6,989,886
25 $ 5,350,418 $ 50,000 $ 361,828 $ 5,762,246 $ 6,989,886 $ 50,000 $ 575,159 $ 7,615,045

Summary Information
Competitors Arete's Ending Ending Value
Year Ending Value Value Difference
5 $ 996,471 $ 1,058,837 $ 62,366
10 $ 1,683,089 $ 1,886,434 $ 203,345
15 $ 2,632,683 $ 3,112,047 $ 479,364
Illustration only. Actual fees may vary. 20 $ 3,945,970 $ 4,927,092 $ 981,122
21 Return assumption is only hypothetical. 25 $ 5,762,246 $ 7,615,045 $ 1,852,798

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be
no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this booklet,
will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio.

Due to various factors, including changing market conditions and laws, the content may no longer be reflective of current opinions or positions. Moreover,
you should not assume that any discussion or information contained in this booklet serves as the receipt of, or as a substitute for, personalized investment
advice or legal advice from Areté Investment Consulting, LLC. To the extent that a reader has any questions regarding the applicability of any specific legal
issues that are highlighted, you are encouraged to consult with the legal advisor of your choosing.

Finally, please remember to contact Areté Investment Consulting, LLC in writing, if there are any changes in your personal/financial situation or investment
objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, to modify any
reasonable restrictions to our investment advisory services.

A copy of our current written disclosure statement that details our advisory services and fees is available for your review upon request.


477 Goodspeed Road • Virginia Beach, VA 23451
(757) 422-2210 • Fax: (757) 422-2110 • www.areteic.com Disciplined solutions for your serious money

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